5 ways to avoid overpaying on your car loan

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By wtop.com

When people go car shopping, they usually focus on the vehicle they want — not the loan that will pay for it. But good financing is the bedrock of a solid car deal, and missteps could cost you thousands.

“Once you shake hands with the car salesman, you are not done,” says Oren Weintraub, president of Authority Auto in Tarzana, California. As a car-buying concierge, Weintraub identifies cars for clients and negotiates the deals. Getting the sales contract — and all the financing terms — right is so important, Weintraub insists on reviewing a faxed copy before his clients sign.

While consumers know that low interest rates are desirable, there are other critical factors to consider when securing a car loan or dealership financing. Car-buying experts and industry insiders recommend key strategies to prevent costly mistakes.

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